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TECHNICLONE ANNOUNCES THAT IT CONTINUES TO NEGOTIATE WITH A PRIVATE INVESTOR FOR FUNDING

 TECHNICLONE ANNOUNCES THAT IT CONTINUES
 TO NEGOTIATE WITH A PRIVATE INVESTOR FOR FUNDING
 TUSTIN, Calif., Jan. 14 /PRNewswire/ -- Techniclone International Corporation (NASDAQ: TCLN) today announced that it continues to negotiate with a private investor for the sale of 100,000 shares of Class A convertible stock. While the terms of any such proposed sale have not yet been finalized, the company hopes to sell the class A convertible stock for approximately $7.3 million with such stock convertible into 6,666,667 shares of Techniclone's common stock. Lon H. Stone, the chief executive officer of Techniclone, stated that Techniclone has not executed any agreements concerning the sale and since negotiations are ongoing that such terms may change materially if an agreement between the company and the private investor is finalized.
 Stone further stated that he "believes that, if the new financing is consummated, the funds should enable Techniclone to complete its clinical trials on its radioactive monoclonal antibody LYM-1, thereby enabling Tehniclone to apply for FDA approval to sell the antibody." Stone added that "greater than 50 percent of the terminally ill, non-Hodgkin's lymphoma patients receiving Techniclone's radioactive monoclonal antibody, LYM-1, at the University of California, Davis, Cancer Center, have shown significant improvement. This experimental treatment is backed by the U.S. National Cancer Institute."
 -0- 1/14/92
 /CONTACT: Lon H. Stone, chairman and chief executive officer of Techniclone International, 714-838-0500/
 (TCLN) CO: Techniclone International Corporation ST: California IN: MTC SU:


TS-OS -- NY018 -- 9446 01/14/92 10:00 EST
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Publication:PR Newswire
Date:Jan 14, 1992
Words:251
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